St Lucia Country Summary

FATF Status

St Lucia is not on the FATF List of Countries that have been identified as having strategic AML deficiencies.

Compliance with FATF Recommendations

The last follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in St Lucia was undertaken in 2023. According to that Evaluation, St Lucia was deemed Compliant for 14 and Largely Compliant for 16 of the FATF 40 Recommendations. It remains Highly effective for 0 and Substantially Effective for 0 of the Effectiveness & Technical Compliance ratings.

Saint Lucia faces significant challenges related to crime and corruption, despite having established laws and regulatory frameworks aimed at combating these issues. While the government has made efforts to address corruption through the appointment of a special prosecutor and participation in international anti-corruption treaties, the lack of prosecutions and trials raises concerns about the effectiveness of these measures, alongside ongoing issues with drug trafficking and human trafficking that exploit vulnerable populations.

The country’s resilience to crime is bolstered by a generally independent judiciary and a police force that maintains public trust, although they grapple with funding shortages and issues of brutality. Additionally, while the economic environment is conducive to foreign investment, vulnerabilities to money laundering and the influence of local gangs in criminal activities highlight the need for continued vigilance and improvement in governance and law enforcement capabilities.

Saint Lucia's economy is primarily driven by the tourism sector, complemented by real estate development and global business outsourcing, though it remains susceptible to external shocks like climate change and global economic fluctuations. The government is actively fostering a favorable investment climate by prioritizing infrastructure development and offering various incentives to attract both domestic and foreign investments, including a citizenship by investment program. With a projected economic growth of 2.4% by the end of 2024, Saint Lucia is committed to enhancing its business environment through transparent regulations and supportive policies, while ensuring equal treatment for all investors.